I.I.I. chief actuary Jim Lynch reports from the Workers Compensation Research Institute (WCRI) annual conference: An important cost-control mechanism of the Affordable Care Act could end up annually shifting hundreds of millions of claim dollars into the workers compensation system, preliminary research by the Workers Compensation Research Institute (WCRI) indicates. The mechanism is the Accountable Care...
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Supreme Court Revives Notre Dame’s Appeal In Contraception Case
The U.S. Supreme Court has vacated an appeals court ruling that went against the University of Notre Dame, in a case that revolves around the Affordable Care Act’s requirement that employers should pay for contraception as part of women’s health insurance. Last February, the 7th U.S. Circuit Court of Appeals in Chicago backed a lower...
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Opt-Out In Workers Compensation Is Not A New Concept
Currently, there are proposals in some states for allowing workers to “opt out” of workers’ comp. Is this a radical departure from the past history of work comp? Hardly. In fact, for the first three decades of work comp the issue was “opting in”, not “opting out”. When Comp Laws Began, Only Fraction of Work...
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Homeowners Claims: A Picture of Volatility
The cost of claims paid by homeowners insurers has been increasing at twice the rate of inflation, despite significant declines in recent years, according to the 2015 edition of a report from the Insurance Research Council (IRC). Average homeowners claims payments per insured home have been increasing at an annualized rate of 5.0 percent since...
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Using Telemedicine in Workers Compensation
Telemedicine is viewed by many as an opportunity to reduce the cost of medical expenses and promote efficiency in the workers’ compensation system. While this practice may be new in workers’ compensation claims, it should be something claim management teams look at to reduce the overall costs of a workers’ compensation program. What...
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West Coast Ports Dispute and Supply Chain Risk
A protracted labor dispute that continues to disrupt operations at U.S. West coast ports underscores the supply chain risk facing global businesses. Disruptions have steadily worsened since October, culminating in a partial shutdown of all 29 West coast ports over the holiday weekend. The Wall Street Journal reports that operations to load and unload cargo vessels...
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What Insurers Can Learn From Errant Forecasts
Most actuaries know about projections that go awry, so we have quite a bit of sympathy for the weather forecasters who missed the mark early this week, says I.I.I.’s Jim Lynch: Weather forecasts have improved dramatically in the past generation, but this storm was odd. Usually a blizzard is huge. On a weather map, it...
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Is Now The Time To Fix Rather Than Scrap Obamacare?
Speaker of the House John Boehner, R-Ohio, leaves the chamber after the House voted once again on Feb. 3 to repeal the Patient Protection and Affordable Care Act. J. Scott Applewhite/AP hide caption Since the Affordable Care Act was signed into law in 2010, “repeal and replace” has been the rallying cry for Republicans who...
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Florida Leads Insurance Sign-Ups, Despite Political Opposition To Overhaul
When Florida workers promoting President Obama’s health law marketplace want instant feedback on how they’re doing, they go to an online “heat map.” The map turns darker green where they’ve seen the most people and shows bright red dots for areas where enrollment is high. “The map shows us where the holes are” and which...
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The anti-vaccination idiocy
Penn and Teller profanely destroy the anti-vaccination case in a 90 second video well worth watching. Unfortunately, many of the so-called anti-vaxxers won’t watch it, or understand it, or believe it. No, they are willing to put their own kids – and everyone’s kids – at risk because of a completely wrong, now-retracted article in the...
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